Disneyland Insurance?
Dr. Albert Falls
After seeing how WDW closed for the hurricane, it made me wonder what kind
of insurance policy Disney has on its theme parks. I'm sure they've got the
basics (fire/natural disaster/etc) But I wonder how much would actually be
covered.
Say an earthquake hit Disneyland...rupturing a Fantasmic gas line...which
sent the Haunted Mansion up in flames. Besides torching the structure and
ruining the sets, the earthquake itself bent the Omnimover track and caused
Splash Mountain to topple over and fill up the Mansion's basement with
plaster and soggy geese.
Who's gonna pay for all this?? Surely they've got insurance. But it's
gotta be an unusual policy!
J.J.
PLEASE PLEASE PLEASE PLEASE LET THIS NEVER
HAPPEN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"Dr. Albert Falls" wrote:
>rupturing a Fantasmic gas line...which
> sent the Haunted Mansion up in flames. Besides torching the structure and
> ruining the sets, the earthquake itself bent the Omnimover track and caused
> Splash Mountain to topple over and fill up the Mansion's basement with
> plaster and soggy geese.
>
--
-J.J.
Future Disney Imagineer
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J.J.
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Matt Mendenhall
>After seeing how WDW closed for the hurricane, it made me wonder what
>kind of insurance policy Disney has on its theme parks. I'm sure
>they've got the basics (fire/natural disaster/etc) But I wonder how
>much would actually be covered.
>
>Say an earthquake hit Disneyland...rupturing a Fantasmic gas
>line...which sent the Haunted Mansion up in flames. Besides torching
>the structure and ruining the sets, the earthquake itself bent the
>Omnimover track and caused Splash Mountain to topple over and fill up
>the Mansion's basement with plaster and soggy geese.
>
> Who's gonna pay for all this?? Surely they've got insurance. But
> it's
>gotta be an unusual policy!
I know Disneyland is self-insured for many things, including liability.
The cost of premiums far outweigh the saviings they can realize by
investing a funds reserve and collecting interest.
I don't know if they have acts of God, etc. WDW is probably the same.
Matt
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Don Bertino
>
>After seeing how WDW closed for the hurricane, it made me wonder what kind
>of insurance policy Disney has on its theme parks. I'm sure they've got the
>basics (fire/natural disaster/etc) But I wonder how much would actually be
>covered.
Don't you worry.... :)
The Walt Disney Company, like most all large companies, are self-insured for
both worker's compensation and Guest Claims (general Liability)
What does this mean? Each area has a large claims center. Walt Disney World
has one, Disney Studio has the other that covers Disneyland. There is a staff
(back in 1990) of 20-30 for both WC and GL. All they do is tract record,
followup and pay...
Disney was covering the 10 million themselves.. (or was) with a rider that
covers losses over that with Lloyd's of London.
It's basic knowledge, the higher the premium, the better the break you get
on your premium. Disney, like most large companies, get a great one...
BTW, 9 times out 10, this works to Disney's flavor...
don (who wrote alot of reports that they still use...) bertino
ber...@netcom.com ____/^\_____________________________________
Disney ascii art & / \ || FDC MCP || / \
animations are at <______\ [] [] [] || [] [] [] || [] [] [] /______>
www.bertino.com======\----------------||----------||----------------/===
========\______________||__________||______________/=====
Anton Johnson
I do not know this for a fact but I would suspect that much of what
Disney has is probably self insured. You can not usually insure for natural
disasters without a lot of waivers and the cost of the insurance is
astronomical. Usually one purchases insurance for the run of the mill
things or for something of a very specific nature (high cost) for which
there is no replacement and no real recovery.
Self insurance is a term that is put in place usually to keep the state
happy. It also means that you absorb the losses yourself and then you
deduct the losses on the income tax return.
--
Regards,
Anton Johnson
You are invited to visit
http://www.yourfreewebpage.com
Many great Disney Links.
Dr. Albert Falls <defo...@vei.net> wrote in message
news:ru0d07...@corp.supernews.com...
>
> After seeing how WDW closed for the hurricane, it made me wonder what
kind
> of insurance policy Disney has on its theme parks. I'm sure they've got
the
> basics (fire/natural disaster/etc) But I wonder how much would actually
be
> covered.
>
KittyKabuki
>Say an earthquake hit Disneyland...rupturing a Fantasmic gas line...which
>sent the Haunted Mansion up in flames. Besides torching the structure and
>ruining the sets, the earthquake itself bent the Omnimover track and caused
>Splash Mountain to topple over and fill up the Mansion's basement with
>plaster and soggy geese.
I hope you feel good about yourself for making a young girl cry.
Kidding. Anyway, since I have no valuable input on the whole insurance thing,
let me discuss for a moment how really teriffically shitty it would be if this
happened. HM is a classic. . . even if they had insurance to cover it they
would repair it with all their new fangled technology and just make it
horrible. :( They would probably turn it into a roller coaster. . . "The
Haunted Coaster" Yah, THAT is a pleasant thought.
{insert clever quote here}
ronyes
follows the lead of most large Corporations. Normally, a large company could
never afford to purchase an insurance policy for CGL(Combined General Liability)
for a low deductible. The cost would be astronomical and really prohibitive, so
that leaves them with several options.
-The first is self insure up to a stated amount, ie 10 million. That
means you agree to pay any/all liability claims up to the first 10 mil.
-Next you go to a re-insurer and purchase an "excess limits" policy that
covers for all losses above 10mil to say 500 million. You normally purchase
this through the Lloyds/ Suiss Re Group. What happens is each portion of the
Lloyds family agrees to pay say 25mil each and the put together you a package
that covers up to the excess limits of 500 mil.
-You can then purchase separate "Boiler and Machinery" coverage for the
actually equipment's repair/
replacement due to loss. These policies describe what type of losses
are covered, normally NOT wear-and-tear, subject to a deductible. That means if
the HM Omnimover system breaks its system, and if they discover if was a
mechanical peril that is "covered" not wear and tear, and the cost is "greater"
to repair then the deductible, then you put in a claim for repair. If it was
wear-and-tear Disney pays for it.
-The also, as most civil jurisdictions require in CA for Disney to also
have Workers Comp policies for its employees.
- They (Disney) would also require every contractor to supply their own
insurance and "Work Completion Bonds", which are another for of insurance.
- Other forms of insurance that they could purchase are
Direcotrs/Operators coverage, Errors and Omissions, Key Employee, Business
Interruption and other numerous insurance style products.
I am sure Disney utilizes any and all forms of coverage, including surplus
lines, to insure they are covering
their exposures real well.
"Dr. Albert Falls" wrote:
> After seeing how WDW closed for the hurricane, it made me wonder what kind
> of insurance policy Disney has on its theme parks. I'm sure they've got the
> basics (fire/natural disaster/etc) But I wonder how much would actually be
> covered.
>
> Say an earthquake hit Disneyland...rupturing a Fantasmic gas line...which
> sent the Haunted Mansion up in flames. Besides torching the structure and
> ruining the sets, the earthquake itself bent the Omnimover track and caused
> Splash Mountain to topple over and fill up the Mansion's basement with
> plaster and soggy geese.
>
Kevin Yee
I recall seeing them on a map once. This is one of the primary reasons that Leads
keep an Ops sheet - to know who is working today, and to organize them.
Remember, DL is one of the safer places to be in the event of a gigantic
earthquake. Not only is it built on bedrock (thanks Buzz Price!) but it's got
emergency supplies to last a long time. Water treatment stuff too, if you don't
mind drinking treated Rivers of America water. But when you're thirsty,
anything'll do :)
NB725 wrote:
> Dunno, but that brings up another question--what kind of evacuation procedures
> do they have in case there is a fire or earthquake? Imagine all those people,
> including frightened cast members, fleeing for exits! Yikes!
>
> NB
--
Kevin Yee (Defender of the Dream)
Space Mountain Homepage, Disneyland Menus and Prices, and New Orleans
Square at DL: http://www.geocities.com/CapeCanaveral/Launchpad/9844
NB725
Josh
situation. Even a sniper attack!! You name it...they've planned for it.
"Welcome, to the Tragic Kingdom...." ~~No Doubt
THamil8442
acid...@my-deja.com
thami...@aol.com (THamil8442) wrote:
> Disney is self insured. They have no insurance policies per se.
>
I'm not sure about Disneyland U.S. but the Japanese Disneyland has
recently undertaken a cat linked bond to hedge against earthquake
exposure around the area.
The bond is triggered if an earthquake greater than a set magnitude
occurs within a certain radius of Disneyland.
It's good to see large corps. taking up this new type of reinsurance
and I shouldn't think it'll be long till Disneyland U.S. takes out a
cat bond against hurricane damage. In fact they'll probably set up
their own SPV.
If you want to know more about cat bonds have a look at
http://www.artemis.bm it's very informative and has info on the deals
done as well.
Regards,
Steven Evans.
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